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image of official city seal City of Casselberry City Manager 95 Triplet Lake Drive, Casselberry, Florida 32707 Telephone (407) 262-7700, Extension 1130 Fax (407) 262-7745 Email jnewlon@casselberry.org July 2, 2014 Ms. Charlene Glancy, Mayor/Commissioner Ms. Colleen Hufford, Vice Mayor/Commissioner Ms. Sandra Solomon, Commissioner Mr. Anthony Aramendia, Commissioner Mr. Gene Fry, Commissioner Re: Proposed Fiscal Year 2015 Budget Honorable Mayor and Members of the City Commission: I am pleased to present for your consideration the Proposed Operating and Capital Budget for the City of Casselberry for Fiscal Year (Fiscal Year) 2014/2015, including the City's Capital Improvement Program (CIP) for Fiscal Year 2015 — Fiscal Year 2019. There is more change to look forward to in Casselberry in Fiscal Year 2015. As the Red Bug Lake Road flyover is now being completed, the flyover at U.S. Highway 17-92 over State Road 436 is under construction. Accompanying this project is the beneficial removal of many blighted properties along its path. The project will continue through the new budget year. Florida Department of Transportation (FDOT) is planning mobility improvements along State Road 436 between the two flyovers. The City is finalizing negotiations with developers to take approximately 20 acres to the north and south of City Hall and build up to five restaurants, 200 apartment units, and over three acres of park land to add to Lake Concord Park. It is hoped that at the time the adopted budget is published, these plans can be further explained and City funding of infrastructure improvements will be added. The look of the two major traffic corridors in Casselberry will be wholly transformed during Fiscal Year 2015. Economic conditions for the State and the Metro -Orlando area are improving. Jobs are being added and unemployment is dropping. Population for the State is projected to grow by about 300,000 annually over the next two years. Building permits for all manner of housing are trending upwards and median prices for single family residences are projected to grow 3.6% in 2014 and 3.4% in 2015. Florida Gross Domestic Product is estimated to lead the nation and grow 3.8% in 2015. Taxable sales on which sales taxes are estimated is 6.2% for 2014 and 6.0% for 2015. These trends bode well for Casselberry's fiscal outlook for the near future. This is evidenced by growth in taxable property values of 3.5% applicable to Fiscal Year 2015. State sales tax projections for 2015 already exceed budget estimates used herein. In May 2014 the voters of Seminole County approved through a referendum the establishment of a one cent addition to the State sales tax for the purpose of funding infrastructure improvements. The new tax will become effective January 1, 2015 and is projected to yield $15 million over 10 years to the City for restricted improvements. This money is budgeted to accumulate during 2015 and will be used first page 12